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Top HR Processes Ripe for a Social Enterprise

  1. If you cannot hear the presentation through your speakers please dial 800-584-2088 to listen through your phone line. Top 5 HR Processes Ripe for the Social Enterprise Presented by Todd Horton, Founder/CEO KangoGift November 6, 2013 Stay Connected w ith Monster. @monster_works @monsterww
  2. Our Agenda What is a social enterprise? Current state of research on employee sentiment Top 5 processes ripe for a social enterprise Common metrics for success Q&A 2
  3. “The Instant Workplace” Where employees expect immediate access to ideas, people, and resources. 3
  4. Companies Will Start to Embrace Social Tools to Facilitate Information Social Media Usage Individuals Companies 69% 5% It’s only a matter of time before companies catch up Source: McKinsey. Ways companies use social media for recognition and HR practices. Pew data for individual. 4
  5. A social enterprise is one where employees have the resources necessary to collaborate and advance the mission of their organization. 5
  6. Today we are not only talking about technology and tools. We are discussing the organizational mindset of enabling employees to work socially. 6
  7. Social Impacts All Areas of HR Talent Attraction On-boarding Represent your corporate brand as an employer of choice. The ways in which employees enter a company are changing. 1 2 Development HR leaders have new tools to tap into the wisdom of the entire workforce for L&D. 4 3 Engagement Managers and employees have new ways to be more timely and visible. 7
  8. Current Research and Trends
  9. We do all those old tricks electronically now. 9
  10. What the Workplace Values Old Global Mindset “Instant-ness” Cultural IQ Why am I here? New Country specific workers. Cross border connectedness. Wait for feedback and information. Understand your surroundings. Pay and stability. Access to information and people. Understand the needs and desires of people around you. Personal and social impact.
  11. A Few Big Trends Converting traditional HR processes from infrequent tasks to ongoing conversations. Capturing and reporting on timely data to create a smarter workforce. Tapping into a spirit of “getting things done” with simple tools. Creating and delivering HR programs that are customized to each employee’s needs. 11
  12. The Workplace in 2020 46% 5B $41T Millennials (born 1977 to 1994) will make up almost half of the US workforce. Number of global internet users. Global trade will increase 2.5x from today. 12
  13. 70% Employees don’t feel like they are fully engaged in their work according to Gallup. Companies need to address this cultural misalignment.
  14. New Motivational Theories for a Global Worker “Classic” Motivational Theory • Largely based on financial incentives • Pay • New Motivational Theory Focused on understanding employee motivations and desires. Many companies now design jobs to provide employees with opportunities to make choices, develop skills, do work that matters, and strengthen interpersonal relationships. Stock • Cash Bonus Social tools target the opportunity to strengthen relationships at work and gain insight into employee desire. Money is no longer the only driver in retention and employee engagement.
  15. A McKinsey Study Found That Non-Cash Motivators Are More Effective Than Cash Motivators 80% Financial vs. Non-Financial Incentives—Effectiveness vs. Use , 2009 Effectiveness (% of Respondents That View Motivator as Effective) 70% Recognition from Immediate Manager Attention From Leaders 60% Opportunities to Lead Projects or Task Forces 50% Performance-Based Cash Bonuses Increase in Base Pay 40% Stock or Stock Options 30% 20% 20% 30% 40% 50% 60% Use (% of Respondents That Use Motivator) 70% 80% “Nonfinancial motivators play critical roles in making employees feel that their companies value them, take their well-being seriously, and strive to create opportunities for career growth.” Note: Financial Incentives are marked with a circle; non-financial incentives are market with a diamond. Source: McKinsey Quarterly, “Motivating people: Getting Beyond Money,” November 2009; Based on McKinsey survey of 1,047 executives, managers, and employees.
  16. Impact on Operational Performance of Organizations Providing What Employees Want 90% 80% 81% 78% 79% 74% 70% 60% 56% 50% 50% 49% 51% 45% 40% 30% 30% 20% 10% 0% POI Our Customers are very satisfied We produce higher quality products/services than our competitors Employees whose most important want is fulfilled Source: Respect by Jack Wiley and Brenda Kowske We compete well in our industry Our performance has improved in past 12 months Employees whose most important want is unfulfilled 16
  17. Impact of Employee Recognition on Views of Managerial Performance 90% 81% 80% 80% 76% 75% 70% 65% 60% 50% 40% 34% 30% 30% 29% 26% 20% 16% 10% 0% Overall Performance People Management Task Management Satisfied with Recognition Source: Respect by Jack Wiley and Brenda Kowske Keeps Commitments Dissatisfied with Recognition 17 Outstanding Leader
  18. Truthful Communication Employees Want 22% 38% 40% Communication in General Communication about Performance Source: Respect by Jack Wiley and Brenda Kowske Honest Communication/Information 18
  19. Top Five Processes Ripe for a Social Enterprise
  20. Performance Reviews
  21. Transitioning Reviews from Point in Time to On-Going Conversations How Benefit Relevancy Shift from a once year compliance task to active management. Impact Broader set of data points an employee can draw from. Employees are better able to manager their careers. Insight Employees better understand where they fit. Direct benefits to engagement and discretionary effort. More timely assessment of where an employee stands.
  22. Employee Feedback
  23. Capturing More Timely Employee Feedback Old Way New Way Casual email or chat. HR provides a structured way to capture and deliver feedback. Manager feedback Ad-hoc, event driven. Managers can look at peer feedback employee has received and coach. Crossfunctional Rare, sporadic. Peer feedback Social companies facilitate cross functional feedback. 23
  24. Recognition and Awards
  25. Organizations Seek to Deliver Informal and Timely Recognition in a Measurable Way. High Social Recognition Annual Reviews Standardized (Standard performance review) Ad-hoc Awards Verbal Praise (Lunch or coffee) (Good job, pat on the back) Low Delayed Time Diminishes Impact 25 Immediate
  26. Attributes of a Social Recognition Program Tangible Timely We live in an instant world. Immediate feedback is the most engaging. A real reward (even micro) makes the recognition more impactful. 1 2 Keep it simple and people will embrace 4 Shared Giving visibility internally or externally amplifies impact and program participation. 3 Remembered Social recognition creates a living performance review and provides managers with detailed statements. 26
  27. Training
  28. Using the Wisdom of the Workforce for Training Using video or an internal “YouTube” Enabling employees to share their expertise Peer testing and skills assessment Timely employee surveys 28
  29. Knowledge Management
  30. Centralizing Institutional Knowledge Internal FAQ pages – Quora for the enterprise. Providing employees pages everyone can access to tap into expertise. Support collaboration through online communities, file repositories, and internal messaging. 30
  31. The theme is that many of these tasks can be done from common platforms (including mobile) rather than disparate tools. In other words, tools designed for the way your employees work often see the most success. 31
  32. Top Worries and Benefits When Talking about Social Benefits Loss of control Is it really measurable? ‣ We want a tool that appeals to all employees. ‣ We want to be a great place to work and improve culture. Not sure where to start ‣ If we can track it, we can map talent. ‣ We want something cost effective. Does it work? Who else does this? 32
  33. Case Studies
  34. Real-World Examples Knowledge Management Global manufacturing company Social Recognition Global automotive company Service Awards Financial company Learning and Development Regional healthcare company 34
  35. Metrics for Success
  36. Common Questions Companies Want to Answer Engagement How do we create environments that attract the best employees and ensure their success? Enablement How do we provide our workforce tools to advance our goals and help them succeed? Performance 36 How do we define success? Profit, impact, reach?
  37. Choose the Metric Suitable to Your Goals Retention Profit per employee Satisfaction Time and Cost Savings Engagement Budget Optimization Operational Gains Compensation Alignment 37
  38. Dashboards Newer social tools help managers understand the contributions of their employees in one snapshot. 38
  39. Employee Satisfaction Is Important and Necessary for Company Success Equity Returns – Top 100 Best Companies to Work For vs. the Overall Market, 1998-2005 Professor Alex Edmans (Wharton School) examined the stock returns of companies with high employee satisfaction and compared it to the broader market. His research found that firms cited as good places to work earn returns that are more than double those of the overall market. Furthermore Edmans has recently updated the study and found that results still hold―returns were 3.5% per year higher for the top 100 best companies to work for than those of their peers. 0 0 0 0 “The results are consistent with human relations theories which argue that employee satisfaction causes stronger corporate performance through improved recruitment, retention and motivation.” Sources Knowledge@Wharton, “How Investing in Intangibles – Like Employee Satisfaction –Translates into Financial Returns, January 9, 2008; Professor Alex Edmans, “Does the Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices,” 2011.
  40. Social Tools Coupled With Executive Support Can Dramatically Increase Program Participation Equipping employees at all levels of the organization can impact the rate of program success. 40
  41. Parting Thoughts
  42. Create Your Own Social HR Roadmap Requirements Benchmark What are your employee “wants”? What behaviors do you want to drive. Understand how social can be a differentiator for your org. Step 1 2 3 Launch and learn Measure outcomes. 4 Open it up What assets do you have Toolkit Selection Understand what your org already has in place and untapped. Cultural IQ. Identify the resources necessary for success. Start small. 42
  43. Thank You Todd Horton 617-861-8335 43